Peugeot maker PSA reports record profits despite Opel buyout

PARIS (AP) — French carmaker PSA Group says it made record profits and sales last year despite the costs of buying long-struggling Opel.

PSA, the maker of Peugeot and Citroen cars, reported Thursday an 11.5 percent rise in net income to 1.9 billion euros ($2.3 billion). Sales grew over 20 percent to 65.2 billion euros, partly thanks to the addition of Opel.

CEO Carlos Tavares gave an upbeat forecast for the year and said the group will keep focusing on turning Opel around after years of losses. PSA bought General Motors’ Germany-based Opel and Britain-based Vauxhall brands last year.

PSA is also taking advantage of new French labor rules championed by President Emmanuel Macron, planning 1,300 voluntary job cuts this year and restructuring its workforce to boost production of electric and autonomous vehicles.

Free News Delivery by Email

Would you like to have the day's news stories delivered right to your inbox every evening? Enter your email below to start!

Leave a Reply

Your email address will not be published. Required fields are marked *

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

This site uses Akismet to reduce spam. Learn how your comment data is processed.